August 13, 2018 - Industry News
Depreciation through the first half of 2018 stood at 13.7%, much lower than the 16.3% rate recorded in the year-ago period. Analysts say upstream remarketing has kept values strong despite the tidal wave of off-lease vehicles that returned to market during the period.
Tags: Black Book, Kar Auction Services, Tom Kontos, used-vehicle values
June’s ‘abnormal bounce” in used-vehicle values continued in July, resulting in the Manheim Used Vehicle Value Index rising to 136.9.
Big winners in the firm’s 2018 U.S Dealer Financing Satisfaction Study include Mercedes-Benz Financial Services in the Captive Luxury Segment, Volkswagen Credit in the Captive Mass Market segment, Citizens One Auto Finance in the Noncaptive category, and TD Auto Finance in Floorplan.
Tags: auto finance, Citizens One Auto Finance, J.D. Power, Mercedes-Benz Financial Services, TD Auto Finance, U.S. Dealer Financing Satisfaction Study, Volkswagen Credit
August 9, 2018 - Industry News
Subprime originations fell 4.5% from a year ago to 1.841 million in the first quarter, a period in which total outstanding balances topped a quarter trillion, the firm reported.
Tags: auto finance, Auto Leases, Equifax, loan originations
August 6, 2018 - Industry News
The acquisitions bring the dealer group’s rooftop count to 32. In the Tampa, Fla., area alone, Morgan Auto Group now represents 10 brands across 10 stores.
Tags: Mergers and Acquisitions, Morgan Auto Group
Online F&I will be a key focus at Industry Summit 2018, which will allow dealers to learn about the challenges and opportunities ahead for the F&I product side of the business while their F&I teams get compliance certified and trained by the best in the business.
Tags: Ask Frenchy, Automotive Compliance Education, Compliance Summit, F&I training, Industry Summit, objection handling, PALS
August 2, 2018 - Industry News
According to the research firm’s analysis, more than 35% of U.S. households with a sedan in the garage that returned to market for a new vehicle between April 2017 and March 2018 acquired an SUV. That's up from just 24% five years ago.
Tags: advertising, defection rates, IHS Markit, Loyalty Rates, marketing, sedan, SUV
With cars expected to make up only 31% of July sales, the industry's average transaction price climbed by $985 from a year ago to $35,359.
Tags: average transaction price, Ford, Kelley Blue Book, Volkswagen
According to the regulator, this was the FTC’s first action alleging income falsification by dealerships. Charged are the owners of Tate’s Auto Group, which operates four dealerships in Arizona and New Mexico, near the border of the Navajo Nation.
Tags: auto finance, compliance, Federal Trade Commission, income falsification, Tate's Auto
TradeRev and CarsArrive have partnered to offer free vehicle transportation to dealers who purchase vehicles in certain states.
Edmund Field, who joined KAR earlier this year as director of new product development, now serves as president of the company's Preferred Warranties business unit.
Tags: Auto Auctions, Edmund Field, Kar Auction Services, Preferred Warranties, remarketing
July 31, 2018 - Industry News
LexisNexis Risk Solutions finds auto dealers and other retailers are facing fraud on an unprecedented scale, including a 30% increase in the number of successful fraudulent transactions since 2017.
July 30, 2018 - Industry News
Vivial’s new, interactive ebook makes the case for auto retailers to increase customer engagement as spending heats up.
A new report from Black Book uncovers the reasons behind recent product cancelations and shows that no two discontinued models depreciate alike.
Life Story Media’s ‘Driven By Integrity: The Gaudin Family Story’ was honored in two categories at the 39th annual Telly Awards.
July 26, 2018 - Industry News
Wells Fargo's continued runoff of its auto loan portfolio resulted in a $10.3 billion year-over-year decline in auto loan balances in the second quarter, but executives said the bank is positioned to begin growing its auto finance business once again.
Tags: auto finance, CFPB, compliance, OCC, sales scandal, Wells Fargo
July 25, 2018 - Industry News
Sergio Marchionne, former CEO of Fiat Chrysler Automobiles and Ferrari N.V., has died following complications from surgery.
Dealers and sales and F&I professionals are invited to register for Industry Summit 2018, a unique training, compliance certification, and networking opportunity set for October in Orlando, Fla.
July 24, 2018 - Industry News
The EFG Learning Opps Through Virtual Engagement, or LOVE, was designed to boost F&I producer knowledge, reinforce training learnings and reduce the cost of a poor hiring decision for dealerships, according to the company.
Tags: EFG Companies, F&I manager, F&I product provider, F&I products, F&I training
July 23, 2018 - Industry News
Fiat Chrysler Automobiles has named Ram truck and Jeep head Michael Manley as its chief executive officer, after medical complications forced Sergio Marchionne to step away from the company.
Tags: Fiat Chrysler, Jeep, Mike Manley, Ram, Sergio Marchionne
Co-founded by Dealer.com founder Mike Lane, Fluency is a business-to-business ad platform provider for industry-focused digital advertising and marketing agencies.
Tags: ad agency, advertising, Dealer.com, digital marketing, Fluency, Mike Lane
Industry Summit’s annual ‘From the Boardroom’ session will feature executives from F&I product providers and software firms, who will tackle the big questions facing F&I offices as the industry continues to push for a more digitized car-buying experience.
Tags: compliance, digital retailing, F&I process, F&I products, Industry Summit, online F&I, Showroom
July 19, 2018 - Industry News
June wholesale prices for used vehicles up to eight years in age fell by an average of 0.9% compared to May. Losses at the segment level were less than historic norms across the board on both the mainstream and premium sides of the market, the firm said.
Tags: Auto Auctions, J.D. Power Valuation Services, Wholesale Pricing
July 18, 2018 - Industry News
The company reported that 45% of vehicles sold in the first half were to digital buyers on Manheim.com. The firm also detailed enhancements it’s planning to make to the Manheim Marketplace over the next few months.
Tags: Auto Auctions, digital, Manheim, Manheim Marketplace, RMS Automotive
Penske said today it intends to integrate electronic document management to improve workflow and efficiency and install the Reynolds docuPAD system in F&I departments across more than 120 Penske dealerships.
Tags: docuPAD, eWorkflow, F&I process, Penske Automotive Group, Reynolds & Reynolds
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